First City Monument Bank (FCMB) is a full-service banking institution headquartered in Lagos, Nigeria offering market-proven solutions that drive digital transformation in the banking sector. FCMB offers a diverse range of financial services, including retail banking, corporate banking, and investment banking. With a strong presence across Nigeria, FCMB is dedicated to enhancing financial inclusion and improving customer experiences through digital transformation.
The Challenge
FCMB faced the challenge of adapting to the rapidly evolving digital landscape in Africa. Despite significant digital adoption, nearly half of Africa’s population remains unbanked, and with 75% of web traffic occurring on mobile phones, FCMB needed to provide mobile-first financial services to meet customer expectations and drive financial inclusion. The key challenges included, simplifying transactions, and building customer trust, engaging with customers on their preferred communication channels, ensuring robust security and compliance and reducing operational costs while enhancing customer satisfaction.
The Solution
FCMB partnered with Infobip to implement a comprehensive conversational banking strategy. By leveraging Infobip’s omnichannel platform, FCMB integrated multiple communication channels through Infobip’s propriety solutions – Answers, Moments and Conversations. This enables them to engage with customers through channels like WhatsApp Business and SMS. Thanks to Infobip, FCMB can offer a wide range of services through its customers’ preferred messaging apps, providing seamless, personalised interactions throughout the entire financial journey.
Customers can now easily open new accounts, check balances, transfer money, change passwords, and add users through their preferred messaging apps. FCMB sends tailored offers directly to customers, enhancing personalisation and engagement. The platform also simplifies the loan application process. For example, applicants can now upload documents online, complete the application quickly, and receive instant feedback on their loan status, making it more straightforward and less stressful. For more complex queries, customers can seamlessly transition to human agents, ensuring continuity and a personalised experience.
To address security and compliance concerns, FCMB implemented several advanced measures. These include Two-Factor Authentication (2FA), which adds an extra layer of security by requiring both an online password and a mobile phone for verification. They also use SIM Swap Check to ensure that account-related information reaches the intended recipient, reducing fraud risk. Additionally, Silent Mobile Verification provides a seamless onboarding experience by authenticating users within seconds without requiring human input.
The Result
By integrating Infobip’s conversational platform, FCMB achieved significant improvements in customer experience and operational efficiency. FCMB was able to provide an enhanced customer experience with seamless, personalised interactions across multiple channels, leading to higher customer satisfaction and loyalty. Efficiency increased as AI-supported chatbots handled frequently asked questions, allowing human agents to focus on more complex inquiries and improving resolution times.